Impacts Of Rail Transit On The Residential Property Values And Land Use: Based On The Perspective Of Transit-oriented Development

In the background that traffic congestion and air pollution are becoming more and more serious in many cities, Urban Rapid Rail Transit develops rapidly with its large capacity, environmental protection and punctual service.The rail transit brings great benefits to society, but on the other hand, it confronts with a lot of problems, like financing difficulties and operating losses. For now, city Transit-oriented Develoment (TOD) is a good choice to solve these problems. However, domestic theoretical researches and practices for the development of city rail transit on TOD mode are deficient.This paper is in the view of city transit-oriented development (TOD), focusing on researching the impact of rail transit on the city housing market from four aspects. Firstly, choose cross-sectional data to study the spacial effects of rail transit on housing market, and the main focuses of the cross-sectional analysis include exploring the affected area of each rail transit station and the distance effects of Hangzhou Metro Line1. Besides, we examine the infulence of urban rail transit network on the residential property values. Secondly, compare the different impacts of several years before and after the rail transit operation on the surrounding residential proterty values by using the hedonic price model (HPM). Finally, from the perspective of developers’profit maximization, a theoretical model about the relationship between the housing market price and volume is established to explore the effect of rail transit development on the land use. Based on Large sample data of Hangzhou housing market, the results are as follows.(1) The influenced radius of different rail transit stations is not a single constant value, but the more far from the city center, the large influenced area.(2)Rail transit shows strong value-added effects on housing market. Furthermore, when rail transit is on the interaction of other lines, the proximity effects on the surrounding property will be weakened.(3) The value-added effects of rail transit on housing market vary in different periods, and the more close to the rail transit operation time, the stronger value-added effects of urban rail transit on housing prices.(4) Theoretical analysis shows when the housing price increment coefficient is larger than the land price increment coefficient, the optimized floor area ratio will increase with the distance to rail transit station. However, the empirical analysis shows a non-significant relationship between the land FAR and the distance to rail transit station. This may be related to the rules that FAR is maked by.According to the study conclusions, this paper also put forward the related proposals to city TOD process. At the last of this paper, it summarizes the whole research work, and points out the further research direction.